FNGD vs IONQ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and IonQ, Inc. (IONQ) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IONQ?
Over the past 3 years, FNGD and IONQ moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.56) runs below the 3-year figure (-0.46). Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -3455.8 %².
By 3-year correlation, IONQ places #1513 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months IONQ outperformed by 58.2 percentage points (-55.7% for FNGD against +2.5% for IONQ).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs IONQ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IONQ (IonQ, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +2.5% |
| 5-year return | -99.4% | +325.5% |
| Volatility (ann.) | 75.7% | 100.0% |
| Beta vs S&P 500 | -4.54 | 3.23 |
| Max drawdown (3Y) | -97.6% | -67.6% |
| Market cap | – | $17.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IONQ |
|---|---|---|
| 2022 | +52.2% | -79.3% |
| 2023 | -90.1% | +259.1% |
| 2024 | -76.6% | +237.1% |
| 2025 | -61.4% | +7.4% |
| 2026 | -49.5% | -5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IONQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IONQ?
The FNGD/IONQ correlation stands at -0.46 on a 3-year window (1 year: -0.56, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is IONQ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
A reading of -0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ionq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ionq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IONQ correlations
